Commercial mortgages, second mortgages and gites1 Replies
My husband and I are currently living in a house in the UK which is mortgaged. Our equity is about £200,000.My husband has a job in the south of France, and we were wondering what our options are regarding the house.If we convert the UK mortgage to buy to let, and rent out the UK house, will this affect the size of mortgage we can get in France? Will the rental income be counted (which should easily cover the mortgage), allowing us to get the same amount of mortgage as if we'd sold the UK house?I would like to run a gites business in France. If I bought an existing business, would I be able to get a commercial mortgage based on the previous years accounts of income from the gites?Are there any other issues about retaining a UK house? Will it affect our residency for tax purposes?